Mining billionaire Gina Rinehart is bankrolling the acquisition of a 9.5% stake in Southern Cross Media by Bruce McWilliam, who worked for Murdoch’s News Corp for nine years and is also a former Seven Network executive.
This venture is costing Rinehart $26 million. It does not buy her a direct stake in Southern Cross, but if McWilliam cannot uphold his side of a security deed he has signed with her, she could take control of it.